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ODFL Profit Jumps Nearly 20%

Less-than-truckload carrier Old Dominion Freight Line has released numbers showing revenue for the fourth quarter of 2013 increased 11% to $592.5 million from $533.8 million for the fourth quarter of 2012.

Net income for the North Carolina-based fleet rose 19.4% to $47.2 from $39.5 million during the same time, while earnings per share rose 19.6% to 55 cents from 46 cents.

For 2013 revenue increased 9.5% to $2.34 billion from $2.13 billion for 2012, while net income was $206.1 million, an increase of 21.6% from $169.5 million during the same time. Earnings per share grew 21.3% to $2.39 from $1.97 for the prior year.

“Old Dominion completed another outstanding year in 2013 with record financial performance for both the year and the fourth quarter. We were pleased with the double-digit increase in revenue for the fourth quarter, which was primarily driven by increased market share,” said David S. Congdon, president and CEO. “We were also pleased with the 19.6% increase in earnings per diluted share, particularly in light of the operational challenges and increased costs resulting from the significant winter weather and more restrictive hours-of-service regulations during the fourth quarter of 2013.”